Broadcom Inc. $AVGO Stock Sold by Renaissance Investment Group LLC

Renaissance Investment Group LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,276 shares of the semiconductor manufacturer’s stock after selling 1,897 shares during the quarter. Broadcom comprises 4.8% of Renaissance Investment Group LLC’s investment portfolio, making the stock its 3rd biggest position. Renaissance Investment Group LLC’s holdings in Broadcom were worth $23,275,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Cornerstone Advisors LLC purchased a new position in shares of Broadcom during the 2nd quarter worth $92,522,000. GAMMA Investing LLC boosted its position in shares of Broadcom by 8.8% during the 3rd quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer’s stock valued at $55,889,000 after acquiring an additional 13,317 shares during the last quarter. ANB Bank purchased a new stake in shares of Broadcom in the third quarter valued at about $1,181,000. Bank of America Corp DE grew its holdings in shares of Broadcom by 1.5% in the first quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock valued at $18,179,719,000 after purchasing an additional 894,564 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Broadcom in the second quarter valued at about $3,302,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVGO shares. Truist Financial reduced their target price on shares of Broadcom from $550.00 to $520.00 and set a “buy” rating on the stock in a research note on Thursday, September 3rd. Fox Advisors upgraded Broadcom to an “outperform” rating in a report on Thursday, September 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $600.00 price objective on shares of Broadcom in a research report on Tuesday, October 27th. Oppenheimer initiated coverage on Broadcom in a research note on Tuesday, October 27th. They set a “buy” rating for the company. Finally, UBS Group downgraded Broadcom from a “hold” rating to a “neutral” rating in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom Price Performance

Shares of AVGO opened at $322.23 on Tuesday. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00. The stock has a market cap of $1.54 trillion, a PE ratio of 41.15 and a beta of 1.46. The firm has a 50-day simple moving average of $351.88 and a two-hundred day simple moving average of $366.79. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.69 EPS. As a group, analysts forecast that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom’s payout ratio is currently 33.21%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.